Extractionism vs. Capitalism: How Banks Extract from the EconomyQuicklink submitted By Amanda Lang Permalink
Become a Fan
Extractionism: taking money from others without creating anything of value; anything that produces economic growth or improves our lives.
(image by Propaganda Times for Flickr) License DMCA Details
|What is extraction, and how is it the opposite of capitalism? How can extractionist systems have all the characteristics of capitalism, while hiding the elimination of productive resources over time?
Greedy Bastards like to call themselves capitalists, but what they're actually doing is the exact opposite: it's extractionism: taking money from others without creating anything of value; anything that produces economic growth or improves our lives.
Under an extractionist system, we find lose value at a faster rate over time, while we need to be creating it. Instead of giving people incentives to make good deals where both sides can benefit, extractionist systems rewards those who take and take some more, and give nothing in return. Sadly, extractionism has crept its way into every aspect of our economy -- it's everywhere, from trade to taxes to banking.